How to Conduct Your Marketing SWOT Analysis

A SWOT analysis is a valuable way to evaluate your company’s competitive position and to develop strategic planning. It looks at the internal and external factors to help determine your current and future growth potential. It can also greatly aid your situational awareness and provide a framework for developing a sales marketing plan.

First, a quick primer on what SWOT stands for:

SWOT = Strengths, Weaknesses, Opportunities, and Threats.

It is a helpful framework to identify how your organization can succeed by differentiating your products or services from your competition. Additionally, a SWOT analysis will help you identify what could potentially slow down or diminish your marketing efforts.

While every business has different needs, it is usually helpful to conduct a SWOT analysis every 6 -12 months or when you are putting together a particularly large and encompassing marketing campaign. As the business environment changes and more marketing tools and platforms emerge it can be helpful to review your SWOT analysis under a new lens.

Keys To A Successful Marketing SWOT Analysis

The key to a successful marketing SWOT analysis is brutal honesty. Carrying preconceived ideas or beliefs can invalidate your analysis. You need to focus on the cold hard truth and be objective as possible. Let the data tell you the story of your SWOT.

It helps to bring in as many stakeholders as possible. The more diverse the group, the more reliable the data.

Start by tackling the internal and external factors impacting your business. In the early stages, capture as many thoughts as possible. Bullet points are OK. You can flush things out later.

Finally, use data when you can to support your estimations, analysis or hypothesis. Support your reasoning with internal data or third-party data sources. Finally, every time you conduct a SWOT analysis, use the lessons learned from past campaigns while still testing new ideas.

Internal Inventory

The SWOT analysis starts with taking inventory of your internal strengths and weaknesses. You should think about the strengths and weaknesses that are unique to your business, such as your resources. For example, how does your team or your technology set you up for success or hold you back?

Strengths look at what you do best and what sets you apart from your competition. Focus on the positive aspects of your business that present a competitive advantage.

Weaknesses take an objective look at your shortfalls. Focus on the are you need to improve to compete effectively.

Strengths & Weaknesses

Here are some of the key questions you should ask to see what falls into each category:

• What advantages does our marketing team have?
• What unique background or skill set can help up reach our marketing goals?
• What is our USP (Unique Selling Proposition)?
• What marketing tools or technologies do we have (or need) to reach our goals?
• Do we have the right people to drive our marketing plan?
• Do we have the research we need to build a marketing plan?
• Do we have the budget and time we need to execute these campaigns?
• In the past, what types of marketing have we been able to execute well?
• Where do we need to improve?
• What limitations do we have that would prevent us from achieving our goal?

External Factors

Next, you will assess the external factors. These are forces outside of your business such as the marketplace, the economy, and competitors.

This is a chance to dream big when it comes to opportunities and address your worst fears. Opportunities should focus externally – things that are outside of your control. If during the brainstorm you identified opportunities that apply internally, simply add them to the strengths list above.

Threats should also include factors beyond your control, such as the economy or unforeseen regulations. Increased advertising spend due to other companies or seasonal issues should be counted here. Additionally, if you have to rely on other companies or third-parties to complete the campaign successfully, add them here. Similar to above, if you identify an internal threat, add it to your weaknesses list.

Opportunities And Threats

Here are some of the key questions you should ask to see what falls into each category:

• Are there gaps in the marketplace that we can exploit?
• Are there gaps in the products/services our competitors offer?
• Are consumer/buyers’ habits changing?
• Is there new marketing technology available we can use? Conversely, are there any threats that could render our current technology outdated?
• Are there new marketing strategies or platforms we can try?
• Are there any marketing efforts that would take few resources and time but deliver great results?
• Are there things we can stop doing so that we can focus on new opportunities?
• What market conditions prevent us from achieving our goals?
• Are the opportunities short term or long term?
• What are our competitor’s strengths?
• Do we have the resources and budget to compete effectively?
• Do we have to depend on other companies for our campaign (such as content or asset creation)?
• Can competitor pricing cause customers to defect?

Build Your Marketing Plan

When you have identified your Strengths, Weaknesses, Opportunities, and Threats, you can make more informed decisions about positioning your product or service.

A candid SWOT analysis can help position you for success. It’s only the first step, however. You need to take this information and build an action plan for your sales and marketing efforts.

Identify your best opportunities. Minimize any threats. Build on your strengths and shore up your weaknesses. Build an action plan for your sales and marketing that can tackle the opportunities ahead. Make sure your team has the right tools and resources to execute the plan. Then, go make it happen!